Cyprus’ harmonised inflation rate rose in April 2026, according to a report from the Cyprus Statistical Service (Cystat), with energy and transport costs driving both annual and monthly increases.

Specifically, the Harmonised Index of Consumer Prices (HICP) increased by 3.0 per cent between April 2025 and April 2026, while also recording a 2.2 per cent rise between March and April 2026.

In annual terms, the largest price increases were observed in recreation, sports and culture, up 6.8 per cent, and transport, up 6.7 per cent.

At the same time, the sharpest annual declines were recorded in clothing and footwear, down 5.4 per cent, and information and communication, down 2.2 per cent.

On a month-on-month basis, the most significant increases were seen in transport, which surged by 9.6 per cent, and clothing and footwear, which rose by 5.3 per cent.

Across broader economic categories, energy recorded the largest increases, rising by 8.5 per cent year-on-year and 7.5 per cent compared with March 2026.

The latest figures highlight the continued pressure from energy-related costs, which remain a key driver of inflation dynamics in Cyprus.

They also underline the volatility in transport prices, reflecting ongoing fluctuations in fuel costs and broader market conditions.

The increase in recreation, sports and culture prices points to sustained demand in discretionary spending categories, even amid broader cost pressures.

At the same time, the decline in clothing and footwear prices suggests seasonal adjustments and competitive pricing within the retail sector.

Similarly, the drop in information and communication costs indicates continued downward pressure in telecommunications and related services.

The monthly surge in transport costs further reinforces the impact of fuel price movements on overall inflation trends.

The rise in clothing and footwear prices on a monthly basis, despite annual declines, reflects short-term pricing adjustments linked to seasonal demand.

The prominence of energy as the fastest-growing economic category underscores its central role in shaping both consumer prices and household expenditure.

The HICP data provides a comparable measure of inflation across the European Union, offering insight into Cyprus’ position within broader regional trends.

A recent report from Cystat using the consumer price index (CPI) showed a 2.8 per cent annual inflation rate in April 2026, slightly below the HICP measure, with petroleum products and transport costs identified as key contributors.

It should be noted that the minor variance between the two indicators stems from different statistical weights and methodologies used to calculate national versus EU-harmonised consumer spending.

That report also indicated that petroleum products rose by 18.3 per cent year-on-year, while transport increased by 8.2 per cent, reinforcing the role of energy-linked categories in driving inflation.

At the same time, clothing and footwear recorded annual declines of around 5.3 per cent, aligning with the downward trend observed in the latest HICP figures.

In addition, separate findings from the Cyprus Consumers Association showed that consumer goods prices continued to rise in early May, with increases recorded across 182 product barcodes on the e-kalathi platform.

The association said that price increases ranged from 1 per cent to 9 per cent across 31 product categories, including nuts, juices, frozen foods and olive oil, pointing to ongoing pressures in everyday consumer goods.

It also highlighted significant price disparities between supermarkets, with differences reaching as much as 91 per cent in some cases, suggesting limited competition in much of the retail sector.

Fuel price analysis further showed that Paphos recorded the highest average diesel price at 185.6 cents per litre, while Larnaca had the lowest at 182 cents per litre, underlining regional variations in energy costs.

The association added that fuel pricing is influenced not only by acquisition costs but also by competition between stations, contributing to differing pricing strategies across districts.

Together, the latest HICP figures and recent market observations point to persistent inflationary pressures in Cyprus, particularly driven by energy, transport and selected consumer goods categories.